What is a Foreclosure?
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Foreclosure takes place when a property owner is no longer able to make mortgage payments as required. This enables the lender to take the residential or commercial property, removing the house owner and offering the home, as specified in the mortgage agreement.

When a foreclosure happens, the following steps occur:

1. Notice of Election and Demand is tape-recorded within 10 company days of receiving a package from the lending institution's attorney.
2. Sale date is set between 110 through 125 calendar days after the NED was tape-recorded (non-ag).
3. Combined Notice is sent by mail within 20 calendar days after the NED was recorded.
4. Second Combined Notice is mailed with 45-60 calendar days prior to initially set up sale date.
5. Combined Notice released in regional paper 45-60 calendar days prior to the first scheduled sale date.
6. Notice of Intent to Cure should be received at least 15 calendar days prior to the very first scheduled sale date. A treatment, in the type of a cashier's check, must be paid by midday the day before the sale.
7. The court order licensing the sale and the signed and itemized bid must be gotten by midday two (2) company days prior to sale day.
8. The Pre-sale List is made readily available by 2:00 p.m. on Tuesday before Thursday's sale.
9. The sale is performed at the Clear Creek County Courthouse, Office of the Treasurer & Public Trustee at 11:00 a.m. on Thursdays
10. The Certificate of Purchase is recorded within 5 (5) business days.
11. A Notification of Intent to Redeem should be filed by a junior lienholder within eight (8) organization days after the sale. Foreclosures began in 2008 and newer do not permit owner redemptions.
How to Start a Foreclosure in Clear Creek County:

Pursuant to laws efficient 1/1/2010,

In order to begin the foreclosure process, the following is submitted to the Public Trustee's office in addition to a referral of the case and a Certificate of the Current Owner of the financial obligation:

1. Original or licensed copy of the tape-recorded deed of trust.

1. Original promissory note or bond if original note has actually been lost. Some qualified foreclosing lenders might submit specific paperwork in lieu of the note if they fall under the standards of C.R.S. 38-38-100.3( 20) or if Qualified Holder: Copy of initial promissory note and Certification of Qualified Holder, signed by lawyers representing holder.
2. Notice of Election and Demand for Foreclosure.
3. Mailing List, which includes names and addresses of parties to receive Combined Notice of the sale, rights to cure and rights to redeem.
4. Additional documents required under foreclosure statutes.
5. Payment of required charges.
   
   The above documents are submitted to the Public Trustee by a Colorado-licensed attorney representing the lender of the loan in default. The general public Trustee records the Notice of Election and Demand (NED) and begins the foreclosure proceedings. This must be done within ten service days after receiving the files from the lender's attorney. A Combined Notice of Sale, Rights to Cure and Redeem is sent to parties listed on the mailing list or changed subscriber list. The newsletter or lists should include all parties whose interests appear in an instrument recorded subsequent to the foreclosed deed of trust and prior to the recording of the NED. The notices are sent to the addresses shown on the tape-recorded instrument. If there is no address, then by statute it is not required to send out the notice in care of the county seat. The general public Trustee sets the sale date to be not less than 110 calendar days nor more than 125 calendar days from the date of recording of the NED for non-agricultural residential or commercial properties or not less than 215 calendar days nor more than 230 calendar days from the date of recording of the NED for agricultural residential or commercial properties. Clear Creek County needs a preliminary deposit of $650 for all foreclosures
   
   How to Determine Agricultural Status C.R.S. 38-38-108( 2( a)( I)
   
   1. If needed the Clear Creek County Public Trustee shall make a determination instantly upon the opening of the foreclosure.
6. This office will accept as evidence:
   
   a. Certified copy of recorded subdivision plat b. Written statement from city or town clerk c. Written declaration from county assessor d. Statements must be dated no more than 6 months before the NED was filed
   
   3. Our decision is binding
7. Statements utilized in determining agricultural status no longer need to be taped
8. Cost for determining status may be included as a part of the fees and costs charged by the attorney Please do not consist of copies of statutes for mailing. This is covered in the cost of postage and copies.
   
   How to Cure a Foreclosure:
   
   A cure quantity is the amount needed to bring a foreclosed loan current. The general public Trustee's foreclosure files only include cure figures when an Intent to Cure has actually been filed and the figures have been received from the foreclosing lawyer.
   
   The only parties lawfully enabled to submit an Intent to Cure include, however are not restricted to: residential or commercial property owners, individuals liable, grantor of evidence of financial obligation and junior lien holders pursuant to C.R.S. 38-38-104( 1 ). An Intent to Cure need to be submitted at least fifteen days prior to the date of the scheduled Public Trustee sale.
   
   The Intent to Cure Form (PDF) might be submitted by e-mail, fax, mail or face to face at the Office of the Clear Creek County Public Trustee (please call or e-mail to confirm that we received the file). There is no charge to submit and does not obligate the filer. Cure funds should be gotten in the Public Trustees workplace by noon on the day before the sale, and need to be in the form of money or proven bank cashier's check.
   
   Please do not anticipate to receive details of the quantity due instantly after submitting the type. The general public Trustee's Office must request that information from the loan provider or loan provider's lawyer. Upon receipt of the figures from the lender or lending institution's lawyer, the cure amount will be provided to you as requested. The figures might benefit just a limited time so if you do not treat by the valid figure deadline set forth in the statement, you will need to request an updated cure declaration through the Public Trustee's Office.
   
   To get more information about your foreclosure choices, please call the Colorado Foreclosure Hotline at (877) 601-4673.
   
   The above info is supplied only as an informational tool and is not meant to work as legal guidance.
   
   How to Bid at a Foreclosure Sale:
   
   Preparing in advance:
   
   It is your responsibility to do research before coming to the sale to bid on a residential or commercial property. The Public Trustee can not and does not guaranty that the deed of trust being foreclosed is a very first lien - it might be a second or 3rd lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations have actually been paid or if there are any other liens against the residential or commercial property. If you do not know how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to employ someone to do the research for you.
   
   You can get the foreclosure case number for the residential or commercial property by looking it up at our site, Foreclosure Search.
   
   On Tuesday, 2 days before sale, we will have published in our office by approximately 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's composed quote is required to be supplied, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The bids are public details and you may search our foreclosure search, sale information, bid, to see the opening quote quantity. Bids received from the loan providers might be changed at the time of sale so long as the lender's agent is personally present at sale and re-executes the changed composed bid.
   
   Be advised: The lender or its attorney, or the general public Trustee, may pull or continue a residential or commercial property from the sale list at any time up until the sale starts Thursday early morning.
   
   Sign in on sale day:
   
   The Clear Creek County Public Trustee holds foreclosure sales on Thursday's quickly at 11:00 a.m. - Sales are held at the Clear Creek County Treasurer & Public Trustee's Office, in the Clear Creek County Courthouse, 405 Argentine Street, Georgetown, Colorado. See Map (PDF)
   
   If you mean to bid on a residential or commercial property, you need to come to the office about 15 to 20 minutes early to finish a Bidder Registration Form (PDF) with your name, address, and so on. This info will be utilized for the Certificate of Purchase, please be sure it is precise and clear.
   
   Those interested in bidding needs to personally go to the sale. We do not take over-bids by phone, fax or e-mail. If you are appearing at the sale to bid on behalf of somebody besides yourself or another entity that you do not own or control, you require to have composed authorization, a letter of agency notarized pursuant to CRS 15-14-607, and verbally state that your quote is being gone into on behalf of that other individual or entity at the time the quote is made.
   
   Bidding at the sale proceeds in increments of $5.00 - if the lender has submitted a quote for $150,000.00, for example, you need to bid a minimum of $150,005.00 in order to be the successful bidder.
   
   You will also be required to have adequate funds with you to bid on the residential or commercial property. Payment of successful quote quantities should be made in the type of a proven bank cashier's check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has ceased and funds have been offered.
   
   Pursuant to laws in impact on January 1, 2008 for cases started after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be provided with a Receipt from the Public Trustee after the sale is completed. A Certificate of Purchase will be released in the name and address of the effective bidder as shown on your Bidder Information Form and tape-recorded (within 5 organization days) by the Public Trustee's workplace and retained in our workplace records.
   
   As the grantee named in the Certificate of Purchase, you do not have immediate right of access to the residential or commercial property. A Certificate of Purchase does not transfer title to you, it simply evidences your investment made at the time of sale.
   
   The Process:
   
   A junior lien holder has 8 service days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 company days after the sale, but no later on than noon the last day. If several lien holders submit an intent to redeem, each extra lien holder will receive a 5 day redemption duration.
   
   If you are gotten in touch with for redemption figures, interest is calculated at the rate specified on the note and extra expenses are restricted to those permitted by statute. Please be prepared to provide invoices for costs sustained. Redemption figures need to be gotten within 13 service days after the sale. The declaration should specify all sums needed to redeem including the quantity of per diem interest and the rate of interest. The statement may be modified up until 2 service days before the start of the next applicable redemption duration. Your statement of redemption need to adhere to 38-38-302 C.R.S.
   
   . If redemption occurs, the Certificate of Purchase holder is paid the quote quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other allowed costs as specified by Colorado Revised Statutes (invoices need to be supplied) as provided in C.R.S. 38-38-107 and as included in your redemption statement. Thereafter, upon written demand and payment of the required charges, the general public Trustee's office will release a Verification Deed to communicate title to the last redeeming party.
   
   If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you need to request, in writing, that our office concern your Confirmation Deed, no sooner than 15 service days after the sale. You need to pay a $30.00 fee, plus recording expenses, for issuance of the tape-recorded Deed. The Confirmation Deed shall be provided by the Public Trustee and tape-recorded with the Clerk & Recorder's office. If you are the grantee of that Deed, you will then have ownership of the residential or commercial property.
   
   Notice to an owner in foreclosure:
   
   If your residential or commercial property goes to foreclosure auction sale and is acquired for more than the overall owed to the lending institution and to all other lien holders, please contact the Public Trustee's office after the sale since you may have funds due to you.
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   The general public Trustee's workplace does not provide legal suggestions and we do refrain from doing any eviction proceedings. Once the Confirmation Deed is provided by this workplace and taped, the general public Trustee's file is closed.
   
   IF THE BORROWER BELIEVES THAT A LENDING INSTITUTION OR SERVICER HAS VIOLATED THE REQUIREMENTS FOR A SINGLE POINT OF CONTACT IN SECTION 38-38-103.1 OR THE PROHIBITION ON DUAL TRACKING IN SECTION 38-38-103.2, THE BORTROWER MAY FILE A GRIEVANCE WITH THE COLORADO ATTORNEY GENERAL OF THE United States, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A PROBLEM WILL NOT STOP THE FORECLOSURE PROCESS.